The Cyprus Constitution and Immigration Law does not prohibit dual citizenship. The economic policy is interested in attracting foreign capital, therefore the issue of dual nationality in Cyprus is regulated at the state level. First of all, at the level of government programs for foreign investors, which allow them to acquire a second passport by injecting funds into the country’s economy.
All options can be divided into two groups:
- paid (for investors).
- To apply to the migration authorities based on the “blood rights”. In this case, it is necessary to inform the migration authorities that the foreigner has relatives who are of Cypriot origin.
- To marry a Cypriot citizen. After three years of the existence of a family union, one of the spouses has the right to obtain Cypriot citizenship, provided that the marriage is not fictitious. The spouses should explain the reasons for the request for Cypriot citizenship. If the couple has been married for 5 years and has at least one child, the above explanation is not required.
- “Naturalization”. The longest process. The main condition is to legally reside in the country for five years or more. It will take another two years to obtain a local passport. The applicant must have resided permanently in Cyprus for the last year prior to the application. In the case of applicants who are children or parents of Cypriot citizens, the time required is 5 years, not 7.
How much does a Cypriot citizenship cost: investor program
Cyprus is open to financially secure foreigners wishing to contribute to the country’s economy. The question of how much Cypriot citizenship costs is determined by the type of investment that the applicant invests under the terms of the Cyprus Investment Program. The number of investments must not be less than 2 million Euros. Let’s take a closer look at the conditions for qualifying for dual nationality in Cyprus. The cost of Cyprus citizenship is determined by the type of investment, provided:
- Purchase of residential real estate for at least 2 million Euros. In this case, you can invest in one or more objects.
- Purchases of commercial real estate for the same amount.
- Acquisition of government securities for 500 thousand Euros, as well as investments in real estate in the amount of at least 2 million.
- Investments in a business in Cyprus or the purchase of securities of Cypriot companies. The amount of investment must be at least 2 million.
Availability of housing as a guarantee of obtaining and retaining citizenship in Cyprus
According to the conditions in the state program, the amount of investment must be at least 2 million Euros in residential invisibility, which is the easiest and most affordable way to obtain dual citizenship in Cyprus, and at least 2 million Euros for other types of investments.
In addition, an imperative for the program is the acquisition of permanent housing in Cyprus for an amount of at least 500 thousand. Under the terms of the program, the sale of acquired housing in the state is excluded if the investor wants to retain Cyprus citizenship. Everything else must be kept in the property for 3 years – at least. After three years, the sale of the acquired objects and securities is possible.
Among other things, to obtain second citizenship in Cyprus, investors must meet the following requirements:
- No criminal record.
- Availability of documents proving that the money that is pouring into the economy was received outside Cyprus.
- The age of majority (18 years) for the main applicant. All family members can apply for Cypriot citizenship.
- Payment of fees and duties.
Additional costs for obtaining citizenship
The applicant will also have to pay:
- 2000 Euros – fee for filing documents for each candidate;
- 5000 Euros – the fee, which is paid after the approval of the candidate;
- about 50 000 Euros – the cost of legal services for the main applicant (10 and 5 thousand – for family members);
- 500 Euros each – fee for reviewing documents of family members who are under 18 years old.
Thus, the investor additionally bears the administrative costs of the procedure. Pay attention to the fact that when buying real estate, the buyer is charged VAT – 19%.
As a result, it is possible to become a citizen of Cyprus with a guarantee if the foreigner has an amount of more than 2 million Euros. Other options exist, but they are less promising.